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Qualification details

FNS51215 - Diploma of Insurance Broking (Release 3)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes FNS51210 - Diploma of Insurance BrokingUpdated to meet Standards for Training Packages. Significant changes to qualification packaging rules. Total number of units reduced from 13 to 10. Prerequisites updated 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
3 (this release) 13/Feb/2018
(View details for release 2) 22/Apr/2015
(View details for release 1) 25/Mar/2015


Training packages that include this qualification

Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleSort Table listing Units of Competency by the Title columnEssentialSort Table listing Units of Competency by the Essential column
BSBCOM503 - Develop processes for the management of breaches in compliance requirementsDevelop processes for the management of breaches in compliance requirements Elective
BSBCUS501 - Manage quality customer serviceManage quality customer service Elective
BSBFIM501 - Manage budgets and financial plansManage budgets and financial plans Elective
BSBINM501 - Manage an information or knowledge management systemManage an information or knowledge management system Elective
BSBMGT502 - Manage people performanceManage people performance Elective
BSBMGT516 - Facilitate continuous improvementFacilitate continuous improvement Elective
BSBMGT517 - Manage operational planManage operational plan Elective
BSBMKG501 - Identify and evaluate marketing opportunitiesIdentify and evaluate marketing opportunities Elective
BSBRES401 - Analyse and present research informationAnalyse and present research information Elective
BSBRSK501 - Manage riskManage risk Elective
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 222113 Insurance Broker 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 
Qualification/Course Level of Education Identifier 421 Diploma 
Taxonomy - Industry Sector N/A Insurance,Broking 
Taxonomy - Occupation N/A Insurance Broking Manager,Insurance Broker 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 222113 Insurance Broker 30/Jul/2015 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 30/Jul/2015 
Qualification/Course Level of Education Identifier 421 Diploma 25/Mar/2015 
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Modification History

Release 

Comments 

Release 3

This version released with FNS Financial Services Training Package version 3.0

Release 3 created to update elective unit list

Release 2

This version released with FNS Financial Services Training Package version 1.1

Release 2 created to correct typographical error

Release 1

This qualification first released with FNS Financial Services Training Package version 1.0

Qualification Description

This qualification is designed for individuals working as insurance brokers within a range of organisations. It supports the role of the professional insurance broking adviser who assists individuals and businesses identify their risks and recommends how these can be managed using insurance and other risk management strategies.

Individuals in these roles may specialise in providing advice services to retail, business or large corporate consumers and may deal with a variety of types of insurances provided by the general and life insurance sectors in servicing client needs. They have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 10 

7 core units  plus

3 elective  units

The elective units consist of:

  • 2 from the electives below

The remaining unit may be from:

  • the electives below, or
  • a Diploma in any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units  

FNSIBK406 Deliver professional insurance broking services

FNSIBK507 Review service performance

FNSIBK508 Implement changes to broking client's insurance program

FNSIBK512 Negotiate complex claims settlement for insurance broking client

FNSIBK513 Prepare submission for new business

FNSIBK514 Manage complex risk portfolio for a broking client

FNSIBK515 Monitor broking client requirements and establish loss control programs

Elective Units 

ASIC Tier 1 

FNSASICY503* Provide advice in insurance broking

Customer service and sales 

BSBCUS501 Manage quality customer service

BSBMKG501 Identify and evaluate marketing opportunities

FNSCUS504 Manage premium customer relationships

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

FNSINC503 Identify situations requiring complex ethical decision making

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

FNSSAM501 Apply advanced selling techniques to selling of financial products and services

FNSSAM502 Assess market needs

FNSSAM503 Monitor market opportunities

Finance 

BSBFIM501 Manage budgets and financial plans

Information management 

BSBRES401 Analyse and present research information

BSBINM501 Manage an information or knowledge management system

Operations 

BSBCOM503 Develop processes for the management of breaches in compliance requirements

BSBMGT516 Facilitate continuous improvement

BSBMGT517 Manage operational plan

Risk management 

BSBRSK501 Manage risk

FNSRSK501 Undertake risk identification

FNSRSK502 Assess risks

FNSINC602 Interpret and use financial statistics and tools

Team and organisation 

BSBWOR501 Manage personal work priorities and professional development

BSBWOR502 Lead and manage team effectiveness

BSBMGT502 Manage people performance

BSBSLS502 Lead and manage a sales team

*Note the following prerequisite unit requirements:

Unit in this qualification

Prerequisite unit

FNSASICY503 Provide advice in insurance broking

FNSIBK406 Deliver professional insurance broking services

FNSIBK508 Implement changes to broking client’s insurance program

FNSIBK513 Prepare submission for new business

Qualification Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNS51215 Diploma of Insurance Broking (Release 3)

FNS51215 Diploma of Insurance Broking (Release 2)

Updates to elective unit list

Equivalent qualification

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe